04-30-2013 11:15 PM
APPROVING BANK: Acura Financial/Honda Finance
BUREAU PULLED: all 3??
CREDIT SCORE: 664 (pulled by Acura Financial), 668 (pulled by Capital One and Oregon Community CU)
CUSTOMER STATE OF RESIDENCE: OR
YEAR OF VEHICLE: 2013
MODEL: TL SH-AWD w/Technology Package
AMOUNT OF LOAN: 31375 (put 7800 down)
TERM CONTRACTED: 60 months
APR/LEASE RATE: 0.9%!!!!!!!!!!!!!!!!!!!!!
MONTHLY PAYMENT: ~$535
ANNUAL INCOME: 88,000
DEBT TO INCOME RATIO: <15% (not including this auto loan)
MISCELLANEOUS COMMENTARY: Soooooo, after getting a 3.27% rate from Capital One I was very pleased. Once I went to the first Acura dealer to do a detailed test drive, I decided that I wanted the car. The price that I was given was VERY good, however I tried to negotiate the price down some more. I was shot down like a clay pigeon ("I can't take a nickel off of this price"..."it's 2K below invoice"..."we're losing $ on this deal"...BLAH BLAH BLAH car salesmen jargon). Then he wanted to try to beat my 3.27 rate, but never made mention of the 0.9% APR incentive going on. When I mentioned it he stated that it was only for 36 months. I pulled up HIS dealership's website on my iPhone and showed him that it was for 24-60 months. He tried to play dumb like he didn't know. He ran a credit app and told me that I had a 651 and there was no way that I could get the incentive APR but he could probably get one of the many banks that they deal with to beat the 3.27% APR. I was like, okay, but I also told him that if it was less that 1 point better than the rate I already had, I would just stay with my Cap 1 loan (at this point I knew he was tryin' to hustle me). He kept running to the finance office and stalling me at which time I told him that I had to go meet my family for dinner and couldn't wait. He of course tried to convince me that he could beat the rate so that I could take the car that day and not wait on my Cap 1 blank check. I told him that he could work on beating the rate over the weekend and we could touch base early the next week after I return from a weekend trip with the family. He was not happy but let me walk.
That night, I email the guy that I'd had communication with from another dealer and told him that if he could get me the car for X price (what I asked the original dealer for) the deal was his. The next day he emailed me then called and said that he could do it. He went over the numbers, I agreed, gave him my AMEX # for deposit. He also asked if I would be interested in trying Acura Financial. I said yeah but the other dealer told me that I wouldn't qualify, however I noticed on my CRs that Acura Financial never showed up on it, only the dealer, which told me that he never even tried (more $ on the back end for using "their" banks). He (the guy from the 2nd dealer) said that he could do a credit app for me when I returned home and he'd see what he could do. Fast forward to today (Tuesday), he called, I gave him the info for the credit app, he called back to ask me to send my most recent pay stub. Once he got that, he called again and said that my score was 664 and they approved me for the 0.9% APR!!!!!!! Needless to say, I was excited! I went in, signed all of the papers, got a tutorial on the Tech package, and dropped my down payment. Since I had my other car, they were nice enough to drive my new car home for me. I'm quite elated (and relieved). I love the car and I'm happy to have another car loan so that I can continue to rebuild my credit as the old baddies start to fall off of my reports.
04-30-2013 11:49 PM - edited 05-01-2013 02:54 PM
Sweet car, great rate, good deal and down payment.
Be sure to hook up the dealer that gave the deal a positve yelp. I would also take the time to write a negative review for the other dealer.
05-02-2013 05:58 AM
APPROVING BANK: PenFed
BUREAU PULLED: All
CREDIT SCORE: EQ 736/TU 721
CUSTOMER STATE OF RESIDENCE: Tennessee
YEAR OF VEHICLE: 2011
AMOUNT OF LOAN: 28509
TERM CONTRACTED: 60 mo
APR/LEASE RATE: 1.74
MONTHLY PAYMENT: 496
ANNUAL INCOME: 95000
DEBT TO INCOME RATIO:9%
MISCELLANEOUS COMMENTARY: I originally planned to put enough down to take care of TTL, but once PenFed approved me for that rate, it really didn't make much sense to pull money out of savings. It's a gorgeous vehicle, and with a book value of 34K, I almost feel like I stole it getting it for under 26K. Almost.
05-02-2013 08:12 AM
APPROVING BANK: BB&T
CUSTOMER STATE OF RESIDENCE: MD
YEAR OF VEHICLE: 2008
AMOUNT OF LOAN: $13.4
TERM CONTRACTED: 48
APR/LEASE RATE: 5.79%
MONTHLY PAYMENT: 315
ANNUAL INCOME: $63k
DEBT TO INCOME RATIO:
05-02-2013 10:41 AM
APPROVING BANK:Wells Frago
BUREAU PULLED: EQ
CREDIT SCORE: 686
CUSTOMER STATE OF RESIDENCE:CA
YEAR OF VEHICLE:2007
AMOUNT OF LOAN:19K
TERM CONTRACTED:60 months
DEBT TO INCOME RATIO:Low
MISCELLANEOUS COMMENTARY:At first the dealer offered me an 11.0% rate. After I told him that I knew my score should net me a lower rate he steped away and came back with a 9.0% rate. I told him if he doesn't get real and take $1200 off the price of the car and get that rate to a 6.5%-6.99% we have no deal. He came back and meet my demands. All in all, if I didn't know the power of my score he would have tried to stick it to me. BIG thanks to this site and people that contribute!!!
05-04-2013 07:45 PM - edited 05-04-2013 07:47 PM
I can finally post here!
APPROVING BANK: NFCU
BUREAU PULLED: EQ
CREDIT SCORE: 681
CUSTOMER STATE OF RESIDENCE: AZ
YEAR OF VEHICLE: 2013
MODEL: Accord EX-L V6 Coupe
AMOUNT OF LOAN: $27,944
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 1.99%!!!
MONTHLY PAYMENT: $412
ANNUAL INCOME: 80K
DEBT TO INCOME RATIO: <5%
MISCELLANEOUS COMMENTARY: Tried to get a lease first, but was denied because of BK and low auto enhanced EX (609). The dealer got me approved with Capitol One, but at 9%!!! So I applied with Navy Fed and they approved me the next day!
05-05-2013 06:42 PM
I'm sure I'm not the only one but I would like to see more people with lower scores IE under 640 post there approvals!
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